A prenuptial agreement, often abbreviated as “prenup,” is a legal contract made between two individuals before they marry. It outlines how assets, property, debts, and other financial matters will be divided in the event of divorce or separation. Prenuptial agreements can also address issues such as spousal support (alimony) and other financial rights and obligations during the marriage and in case of death.
Key aspects typically covered in a prenuptial agreement include:
- Assets and Property: Specifying which assets and property are considered separate (belonging to each individual) and which are marital (belonging to both).
- Debts: Clarifying how debts incurred before and during the marriage will be handled.
- Division of Property: Determining how property and assets will be divided if the marriage ends.
- Spousal Support: Addressing whether and how much spousal support will be paid in the event of divorce.
- Other Legal Rights: Defining other legal rights and responsibilities of each spouse.
Prenuptial agreements are designed to provide clarity and protection for both parties, particularly in cases where one or both spouses have significant assets or financial interests they wish to safeguard. It is important for each party to have independent legal counsel when drafting and signing a prenuptial agreement to ensure fairness and validity under the law.